Rangers announces H1 profit

The Premier League club has announced profits of £3.5m for the six-month period to December 31 2004. The profit represents a £1.09m increase compared to the same period last year. Turnover fell by £3m to £31m, which was wholly attributed to the club’s failure to qualify for this season’s UEFA Champions League. Interest payments for the period stood at almost £2m, a slight rise compared to the same period last year, reflecting a higher opening debt position. Chairman David Murray said in a statement: "Clearly one of the key moments in the period came at the end of December with the sale of Jean-Alain Boumsong.”The revenue generated from this transaction has allowed for a substantial rebuilding of our playing squad. Looking forward we have a solid financial structure in place, assets in our Stadium and Murray Park that require little in the way of development work, and a playing squad that is filled with quality players of a relatively young average age. We have recently promoted Martin Bain to the role of chief executive and he has the support of a strong management team. I am confident that the cornerstones are in place for delivery of continued improved results on and off the field for future years.”

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.